Hybrid or Electric Cars: Which Will Save You More?
By now you’re probably very familiar with the environmental benefits of green cars like hybrids or electric vehicles. These modern cars use advanced technology–like regenerative braking, electric motor drive/assist, and automatic start/shut-off–to drastically reduce energy consumption, which translates into better fuel economy and less pollution.
Sounds great, right? So why are most of us still driving around boring old gas guzzlers with combustion engines. One big reason is price. Hybrid cars are just now starting to achieve price parity with gas-powered vehicles, and electric cars will still set you back a few thousand dollars more than their conventional counterparts. For those working with slim budgets, this can be a major turnoff.
What’s hard for many of us to visualize is the total cost of ownership, that is how much a vehicle will cost us over the course of a decade. We get so caught up in initial sticker price that we fail to realize major savings is lurking just a few years in the future.
For instance, did you know that buying a plug-in electric vehicle could net you up to $7,500 in tax credits? Or that insurance companies routinely provide discounted rates to policy holders who own a hybrid or electric vehicle? Scroll through the infographic below for more surprising stats about which cars are really cheaper to own.
From: Bankrate Insurance’s insuranceQuotes.com
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